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Hong Kong: Legislation introducing patent box regime enacted

Concessionary tax rate for Hong Kong-sourced taxable profits derived from use or sale of eligible intellectual property

July 9, 2024

Legislation introducing a patent box regime providing a 5% concessionary tax rate for Hong Kong-sourced taxable (i.e., non-capital) profits derived from use or sale of eligible intellectual property (IP), beginning year of assessment (YOA) 2023-2024, was enacted on July 5, 2024.

Background

  • The patent box regime was announced in the 2023-2024 budget.
  • The government launched a consultation on the regime in September 2023.
  • Draft legislation introducing the regime was gazetted in March 2024. Read TaxNewsFlash

For more information contact a KPMG tax professional:

David Ling | davidxling@kpmg.com

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